Consolidation Worksheet Entries A Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 Retained earnings 191,000 Common stock 250,000 Investment in Saul Corporation
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- The journal entry to record the amount receivable when a call is made by the company is: Select one: a. DR Allotment CR Share capital b. DR Cash Trust CR Call c. DR Call CR Share capital d. DR Share capital CR CallIn Bell Group's consolidation worksheet, the opening balance of retained earnings under 'group' column shows a balance of 70000. If there is a debit entry of 16000 in the NCI column, the opening balance of retained earnings under 'parent' column could be: A. 86000 B. 54000 C. 70000 D. 16000 Please show entries or details to explain.Q41 Purchases inventories on behalf of the joint venture, such as goods, felling rights and vacant stands. Journal entry_______. Select one: a. The joint venture account, and debit either the bank or debtors b. Debit the joint venture account, and debit either bank or the creditors account c. Debit the joint venture account, and credit the profit and loss account d. Credit the joint venture account, and debit either the bank or creditors
- K Consolidation accounting *** O A. reports the receivables and payables of the parent company only. OB. eliminates all liabilities. C. combines the accounts of the parent company and those of its subsidiary companies. D. all of the above.Help meOn January 1, 2021, Access IT Company exchanged $1,000,000 for 40 percent of the outstanding voting stock of Net Connect. Especially attractive to Access IT was a research project underway at Net Connect that would enhance both the speed and quantity of client-accessible data. Although not recorded in Net Connect's financial records, the fair value of the research project was considered to be $1,960,000. In contractual agreements with the sole owner of the remaining 60 percent of Net Connect, Access IT was granted (1) various decision- making rights over Net Connect's operating decisions and (2) special service purchase provisions at below-market rates. As a result of these contractual agreements, Access IT established itself as the primary beneficiary of Net Connect. Immediately after the purchase, Access IT and Net Connect presented the following balance sheets: (Note: Parentheses indicate credit balances.) Access IT Net Connect 61,000 1,000,000 Cash 41,000 Investment in Net Connect…
- select the item that best completes each of the decriptions below A(n)____ is a record of increases and decreases in a spefic asset, liability, equity, revenues, or expenses items. A(n)____ is a resource owned or controlled by a company A common stock and dividendes are examples of___ accounts A(n)____ is a obilgations to transfer assets to others ___ are people and organziations that are entitlied to recieve payments from a companyv Question Completion Status: QUESTION 5 is used to manage the financial risk. O 1.All of these O 2. Options and forward contract O 3. Double trigger O 4. Hedging QUESTION 6 The combining of business organizations through mergers and acquisitions is knows as- O 1. Acquisition 2. None of these 3. Underwriting O 4. Collaboration Click Save amd Submit to save and submit. Click Save All Answers to save all answers.Determining ending consolidated balances in the second year following the acquisition-Equity method Assume that your company acquired a subsidiary on January 1, 2012. The purchase price was $500,000 in excess of the subsidiary's book value of Stockholders' Equity on the acquisition date, and that excess was assigned to the following [A] assets: [A] Asset Property, plant and equipment (PPE), net $250,000 Goodwill 250,000 $500,000 Income statement: Sales Cost of goods sold Gross profit Equity income Operating expenses Net income Original Original Useful Life Amount (years) The AAP asset relating to undervalued PPE with a 20-year useful life has been depreciated as part of the parent's equity method accounting. The financial statements of the parent and its subsidiary for the year ended December 31, 2013, are as follows: Parent Subsidiary Statement of retained earnings: BOY retained earnings Net income Dividends Ending retained earnings 20 Indefinite 175,500 (825.000) $890,500 $5,500,000…
- DON COLLEGE learning merger is the dissolution of one or more companies and the transfer of its capital or their liabilities to an existing company. Select one: a. Transformation O b. Take over c. Incorporation O d. Consideration Clear my choice PREVIOUS PAGE NEXT PAGE ndows COLLEGE INFO CON Airport HomePurchases inventories on behalf of the joint venture, such as goods, felling rights and vacant stands. Journal entry_______. Select one: a. Debit the joint venture account, and credit the profit and loss account b. The joint venture account, and debit either the bank or debtors c. Credit the joint venture account, and debit either the bank or creditors d. Debit the joint venture account, and debit either bank or the creditors accountConsolidation accountinga. eliminates all liabilities.b. reports the receivables and payables of the parent company only.c. combines the accounts of the parent company and its subsidiary companies.d. all of the above
